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Project Administration - Financial Reporting

Effective December 26th, 2014, OMB Circulars A-21, A-110 and A-133 will be replaced by regulations under the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (also known as the Uniform Guidance). Please refer to the University’s Uniform Guidance website http://spa.columbia.edu/uniform-guidance for further details that may supersede information outlined in this policy. Revised policies will be posted once they are available.

 

Financial Status Reports are usually required by the funding agency 90 days after termination of the budget period or project period of a grant (consult your notice of grant award). Sponsored Projects Finance is responsible for preparing and submitting these Financial Status Reports. The process is as follows:

 

A reconciliation report based on expenditures and commitments in ARC is forwarded by Sponsored Projects Finance to the responsible department within 20 days of a grant's termination, even when the granting agency does not require submission of an annual Financial Status Report (e.g., NSF, interim year FDP awards).

 

Departments are responsible for completing the reconciliation reports, signing them, and returning them to Sponsored Projects Finance promptly. Any adjustments reflected on the reconciliation reports must be fully documented.

 

Sponsored Projects Finance sends the Financial Status Report to the agency, where required, and sends a copy to the Department and Principal Investigator.

 

It is vital that Financial Status Reports are submitted on a timely basis. Failure to submit the Financial Status Reports by their due dates may result in adverse action by the funding agencies including: withholding of payments and suspension of future award activity.